Bill Bartmann, co-founder of Consumer Financial Services, was found innocent last Wednesday after a four-day jury deliberation, according to published reports. Bartmann had been charged with money laundering and conspiracy to commit fraud. The CFS securitizations - which were backed by charged-off consumer debt - fell apart in 1998 when it was learned that supposedly cured receivables had merely been purchased out of the trusts by a subsidiary of CFS.
Mark Brooks has joined Orrick, Herrington & Sutcliffe LLP as a partner in its Tokyo office, where he will focus on real estate finance and securitizations in Asia. Previously Brooks was at Skadden Arps. Orrick is well known for a focus on Japanese CMBS and is said to be near to closing Taiwan's first residential mortgage securitization.